Address profiling—can it really be taken seriously? For me, it’s just background noise. On-chain labels can be applied by anyone: today it’s called “smart money,” and tomorrow it might just be an arbitrage bot. Clustering is even more mysterious—if you see a few more transfers between addresses, they become “linked.” But what if people are intentionally washing? Lately, haven’t we all been seeing big transfers being used to hype “smart money”? I looked over some of it—many are simply internal transfers between exchanges or rotations between hot and cold wallets; there’s basically no signal. Anyway, I personally stick to watching gas and the block-production/packaging rhythm—it’s more reliable than profiling. If the image is too deeply drawn, it’s easy to end up scaring yourself.